Japan, U.S. to Discuss Ways to Utilize Russian Assets

Jiji Press

15:19 JST, January 23, 2024

TOKYO (Jiji Press) — Japan and the United States will discuss ways to utilize Russian assets that have been frozen over Moscow’s invasion of Ukraine, U.S. Deputy Treasury Secretary Wally Adeyemo said Monday.

The amount of Russian Central Bank assets frozen by Western countries is believed to total $300 billion, and leaders of the Group of Seven major democracies are considering utilizing the assets to support Ukraine. In Europe, a tax is planned on profits generated by the assets.

Referring to the frozen assets, Adeyemo said at a press conference in Tokyo that “we are considering a number of other ideas as well.”

Adeyemo said that he will hold talks about the issue with Japanese officials ahead of a G7 summit set for late February.

He also stressed the need to address the issue of Russia’s procurement of materials needed for weapons production from third countries, bypassing sanctions. He urged the private sector, including financial institutions, to make efforts to ensure the effectiveness of the sanctions.

Unlike the United States and Europe, Japan does not provide military support to Ukraine. Still, Adeyemo praised Japan’s economic and humanitarian assistance to Ukraine.

He said the United States is looking forward to working with Japan to consider support for the reconstruction of Ukraine.